Le rivalutazioni da leggi speciali: l'evidenza empirica nei bilanci delle imprese italiane
Piras ,F.;Mura, A.
2015-01-01
Abstract
Using the financial statements of a large sample of private Italian firms belonging to the manufacturing, commercial and service sector over the period 2003-2012, this paper shows that smaller firms with weaker solvency and liquidity conditions and a higher level of financial debts are more likely to revaluate their fixed assets when permitted by special laws. The relation between profitability and the accounting choice of revaluating appears changeable according to the specific fiscal conditions prescribed by each special law. These findings suggest that private Italian firms opportunistically revaluate their assets in order to show an increase in the firm’s wealth. The empirical evidence documented in this paper accords with the institutional context in which private Italian firms operate and with the features that characterise this revaluation practice. Themore or less emphasised fiscal attractiveness and the strengthening of net assets of this accounting treatment appear particularly suitable to balance the potentially conflicting expectations of lenders and fiscal authorities. Nonetheless, these findings cast a dark shadow on the perspective that the “revaluation model”, at present only allowed by IAS/IFRS, is extended to all Italian firms.I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.